FHA Loan Calculator

FHA loans let you buy with as little as 3.5% down, but they add mortgage insurance in two parts: a 1.75% upfront premium, usually rolled into the loan, and an annual premium paid monthly. This calculator applies HUD's current premium table to your down payment, loan size and term, then builds the full monthly payment with property tax, insurance and HOA dues.

How to use this tool

1. Enter the home price and your down payment percentage.
2. Pick your credit score band — it sets the minimum down payment.
3. Enter the interest rate and choose the loan term.
4. Add yearly property tax, home insurance and any monthly HOA dues.
5. Choose whether to finance the upfront MIP, then read the payment breakdown.

Formula

Total loan = base loan × 1.0175 (when the upfront MIP is financed)

Monthly MIP ≈ base loan × annual MIP rate ÷ 12

Principal and interest use the standard amortization formula on the total loan. For terms over 15 years the annual MIP is 0.50% (LTV up to 95%) or 0.55% (above 95%) on base loans up to $726,200, and 0.70% or 0.75% above that. For 15-year terms it is 0.15% up to 90% LTV and 0.40% above (0.15/0.40/0.65% for larger loans). MIP lasts 11 years if you put at least 10% down; otherwise it lasts for the life of the loan.

Example

A $350,000 home with 3.5% down leaves a base loan of $337,750. The upfront MIP of $5,910.63 is added, so you borrow $343,660.63. At 6.25% for 30 years principal and interest is $2,115.98, the 0.55% MIP adds $154.80, and tax and insurance add $475, for a total of about $2,745.78 a month.